Digi International makes connectivity hardware and software for industrial IoT applications. The company helps businesses connect, monitor, and manage devices remotely in reliability-critical environments. Digi operates two segments. IoT Products & Services (~75% of revenue) sells cellular routers, embedded modules, console servers, and RF modules to OEMs and enterprises across utilities, transportation, healthcare, and data centers. IoT Solutions (~25% of revenue) delivers fully managed, subscription-based services — primarily temperature and condition monitoring through SmartSense (food service, healthcare, supply chain) and Jolt (restaurant task and food safety management), plus managed WAN connectivity through Ventus for banking, retail, and hospitality customers. Digi sells IoT Products & Services primarily through distributors and VARs, including Arrow Electronics, Avnet, and Ingram Micro, while IoT Solutions sells direct. Digi's core strategic shift is converting one-time hardware sales into recurring subscription revenue by attaching multi-year device management software subscriptions to hardware purchases. Attach rates now exceed 50% across most key product lines, and Digi is targeting near-100% attachment across most device categories by end of FY28. Manufacturing is outsourced to contract manufacturers in Southeast Asia and Mexico, keeping the model asset-light. Digi's long-term targets are $200M ARR and $200M adjusted EBITDA by FY28. M&A is management's top capital allocation priority, with a stated goal of rolling up the fragmented industrial IoT market through acquisitions with strong ARR profiles.